Is the business good?
How good a business is CVX?
Chevron Corporation earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
11%
Return on invested capital · cost of capital 9.0% · 2.1 points above what the capital costs: growth creates value
- Operating margin
- 14%
Operating margin · Oil & Gas Integrated median 14% · 12 months to Q2 2026
- Cash conversion
- 1.31×
Cash conversion · 1.17× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +15%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −7.9% |
| FY2021 | 13% |
| FY2022 | 20% |
| FY2023 | 15% |
| FY2024 | 14% |
| FY2025 | 10% |
Details›
- Gross margin12 months to Q2 2026
- 45%
- Operating margin12 months to Q2 2026
- 14%
- Net margin12 months to Q2 2026
- 9.6%
- Free cash flow margin
- 13%
- Revenue, trailing twelve months
- $215.3B
- Free cash flow, trailing twelve months
- $27.0B
- Net income, trailing twelve months
- $20.6B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Oil & Gas Integrated
Ranks #13 of 13 by Smart Score